Never miss an update

PELLICO 1/2 Shoes 734836 Brown 36 734836 1 Brown/2 9341903

Item specifics

Condition: :
An item that has been or previously. See the seller’s listing for full details and description of any imperfections.See all condition definitions- opens in a new window or tab
Seller Notes: Item which there is little feeling of wearing, and is not worried about a dirt and damage
Brand: Unbranded Style: Not Specified
US Shoe Size (Women's): 6 Color: Brown
UPC: Does not apply
Never miss an update

PELLICO 1/2 Shoes 734836 Brown 36 734836 1 Brown/2 9341903 -

    PELLICO 1/2 Shoes 734836 Brown 36 734836 1 Brown/2 9341903
    PELLICO 1/2 Shoes 734836 Brown 36 734836 1 Brown/2 9341903
    Salomon Women's Heika LTR CS Waterproof Snow Boot Black/Quarry/Alloy Size 10.0 , H By Hudson Womens Apisi Closed Toe Ankle Fashion Boots Grey Velvet Size 8.0JUNYA WATANABE MAN PINK Shoes 967161 Brown SSTELLA McCARTNEY Shoes 652186 Black 35 , Top end GRIGIO Camel Leather Ankle Boots , BORGO Degli Ulivi BOTTINES GUÊTRE TALONS 11 CM TOUT CUIR NOIR 39 EXCELLENT ETAT , 18 Lady Velet floral embroider over knee high Boots block high heel shoes vogue , Occident Womens Pointy Toe Stiletto High Heel Floral Over Knee Thigh Sexy BootsIlse Jacobsen Hornbaek Brown Boots Size US.6 /UK.4 /EU.36 , Women Luxury Real Mink Fur Ankle Boots High Platform Cute Creepers Shoeschic womens vouge High Top Leather bloack high Heels Buckle punk Retro shoes Hot , Luxury Women 100% Rabbit Fur Warm Thick Pull On Snow Mid Calf Boots ShoesFranco Sarto Womens Beckford Leather Closed Toe Knee High Fashion BootsLAURA VITA boots femme réf LMD1293-26 ADRIANA 26 noir P41 neuves 2016Womens Buckle Leather Knee High Boots Fashion Rivet Riding Pointy Toe Shoes Sz , Ladies Patent Leather Pointed Toe Zipper Mid-calf Boots Nightclub Stiletto ShoesWomen Girls Multi-Color Buckle Straps Side Zip Pull On Square Toe Ankle Boots Sz , Keen Gypsum Ii Mid Waterproof Womens Wide Fit Hiking Boots , CallagHan Party Line ankle boots sale natural gold negro 14807 , Luxury Women Real Leather Pearl Rivet Round Toe Pull On Snow Boots Shoes DD , Gentlemen/Ladies Acne Studios Shoes 458094 PinkxMulticolor 38 durability a variety of Human borderVersace 19.69 G02 VELOUR BORDEAUX CHIANTI boots Women's Bordeaux USMen's/Women's Charles David Women's Prism Ankle Boot Attractive and durable Elegant and sturdy packaging business , See By Chloe Shoes 275770 BlackMen's/Women's Sartori Shoes 979001 Brown 38 Rich design cheapest Cheap orderGentleman/Lady Theory Shoes 537397 Black 36 1/2 Ideal gift for all occasions First quality a lot of varieties , (SALE) tricot COMME des GARCONS Design Shoes Size US About 5(K-28154)HUNTER Women's Original Tall Black Wellington Boots US 5M (pv:)TORY BURCH Shoes 588296 Brown 6 1/2
    PELLICO 1/2 Shoes 734836 Brown 36 734836 1 Brown/2 9341903 ->PELLICO 1/2 Shoes 734836 Brown 36 734836 1 Brown/2 9341903 -
    Tory Burch Women's Black Leather Riding Tall Knee High Zip Up Boots Size 6 M , AGL Womens Black Leather Pull On Ankle Booties Sz 36.5ADIDAS CHAUSSURE RUN 70S - GREYWHT - 6.5 (4059809169971) , Gentlemen/Ladies Ladies Padders Sandals the Style Sunray-W Every item described is available Quality First Perfect processing , Man's/Woman's Pleaser SKY-308UVG Elegant appearance excellent Comfortable and naturalCharlotte Olympia Women's Black Cat-embroidered Velvet Sneaker, 38.5 , MIA ROCCO NIB Women's GRAY Snake Heels Sandals Limited Edition Size 7.5 $350Gentleman/Lady Seychelles Women's Sightseeing Pump Comfortable feeling Order welcome Most practical , Jeffrey Campbell Shoes 386392 Blue 36ARAVON, ANNA MARY JANE SHOES, WOMEN'S, BLACK, US SIZE 7.5 AA Narrow, NEW/DISPLAY , 'TORY BURCH" WOMENS NEW BLACK LEATHER PLATFORM WEDGES SIZE 8.5M SHOES , DANSKO Professional Medallion Leather Clog Shoes US 10.5 - 11 M NWBVince Camuto Leera Espadrille Wedge Sandals 657, Moody Blues, 6.5 US / 36.5 EUMen's SAUCONY Ride 8 Running Sneaker - Silver Red S20273-1 Sz 12.5 USED NO BOX , NIKE AIR ZOOM PEGASUS 34 MEN`S SHOES TRAINING RUNNING ATHLETIC NEW SZ 6.5(W) , Vans x A Tribe Called Quest Era white ATCQ men’s size 9 , New Balance MW812VK MEN Walking Shoe SIZE 14 (074)Gentleman/Lady Creative Recreation Motus Casual Men's Shoes excellent quality Modern and stylish fashion Lightweight shoesMEN'S SHOES SNEAKERS NIKE DUALTONE RACER [918227 001] , Nike Air Force 1 Mid Mens AQ8650-100 White Terra Orange Leather Shoes Size 8.5 , Nike Jordan True Flight, Golden Harvest / Golden Harvest, 342964 725, Size 12Nike Air Max 98 - SIZE 15 - 640744-103 Retro OG Black Racer Blue Volt White QS , NIKE MEN Kobe AD AQ1087-100 Basketball Shoes White / Infra Red 23 / VoltAWESOMELY COOL Gold+Black Chuck Taylor Converse high top shoes sneakers mens 11 , Skechers Quick Moves Sporting Low New Kids ShoesSaucony Shadow Original - Women's Blue/Black S1108697 , RedHead Bone-Dry Expedition WP 520-41415 Thinsulate Waterproof Boots Women's 7 M , Eric Michael Hannah Leather Ankle Boots, Women's Size 5.5-6, Black , Isaac Mizrahi Live! Faux Suede Over-the-Knee Boots Bordeaux Women's 7 NewGentlemen/Ladies Blondo Women's Meggy Waterproof Snow Boot Diverse new design Quality and quantity guaranteed retail price
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    PELLICO 1/2 Shoes 734836 Brown 36 734836 1 Brown/2 9341903 -

    There’s no doubt that the last 2 years has seen the coming of age of ETFs. With what was once an unknown type of investment quickly becoming a $30b industry in Australia ($3 trillion globally). However, as ETFs have moved from the unknown to the flavour of the month, an increasing number of commentators have called on the risks ETF investors face, with some even stating that ETFs will be the source of the next market crash. Today we take a look at some of the claims as to why some believe there are so many risks associated with ETFs.

    Claim 1: ETFS are blindly pushing up stock prices

    Many have written about share markets being at record highs. In an interview with the AFR, Wilson Asset Management chief Geoff Wilson discussed his portfolios’ current high weightings to cash due to concerns of market over-valuations. 

    US based fund manager FPA capital called ETFs “Weapons of Mass Destruction”and stated “The flood of money into passive products is making stock prices move in lockstep and creating markets increasingly divorced from underlying fundamentals”. The argument they make is as ETFs blindly invest in stocks in their chosen index and ignore the underlying fundamentals of these companies. This causes these companies prices to be bid up to prices that do not support their fundamentals (ie a bubble), and eventually history repeats, the bubble bursts and markets crash.

    What do we think?

    ETFs account for around 10% of US stocks’ market value and less than 1% in Australia. In the US at least this is not an immaterial amount. However, the active managers whom ETFs have taken business from generally have mandates which force them to invest a certain percentage in the market. As a result, active managers have always been investing in expensive markets and pushing up prices. Additionally, what is currently called by many analysis as expensive equity markets could also be attributed to global record low interest rates rather than an uptick in passive investing. In saying that, since the last major market crash (the 2008 GFC), the proportion of total assets in ETFs are considerably higher and continual growth of passive investing must be considered as a possible cause of markets becoming expensive.

    Recently we’ve seen Vaneck reweight their huge Junior Gold Miner’s ETF as they approached 20% limits in some of their smaller holdings. This meant selling out of these small gold miners which saw large falls in some of these shares (some of which was blamed on hedge funds looking to capitalise on the opportunity). This is a great example of the influence that ETFs can have, albeit this is at the small end of the market.

    Claim 2: ETFs will sell on mass and compound market falls

    One of the known weaknesses of a managed fund structure is the ability for investors to fairly easily redeem their funds, meaning at times of market falls, when a fund manager may find the best investment opportunities, the investors in the fund are panicking and redeeming their investments, meaning the fund manager becomes a forced seller rather than a buyer. This was one of the reasons Forager decided to turn their Australian Share Fund (FOR) into a Listed Investment Trust, where the pool of capital for them to invest was guaranteed.

    The one thing stopping simple redemption of managed funds during market crashes is another one of its weaknesses, which is managed funds are not simple to trade, and require the investor to apply to the fund to redeem units. This can involve filling out paper forms, and an apathetic investor may simply not be bothered.

    What do we think?

    One of the greatest advantages of ETFs is also one of its weaknesses when it comes to the above, with ETFs able to be traded on the ASX, a panicked investor simply has to log into their online brokerage account and hit the sell button. If a buyer does not exist on the other side of the trade, the ETF issuer is forced to then sell the underlying holdings which could very well begin a contagion effect.

    However, we come back to the size of the ETF market, at around 1% of the Australian market and 10% of the US market. Investors selling underlying stocks that they own through their broker will have the exact same impact as the reasonably small proportion of ETFs. We believe the actual impact of this event would be not materially higher than what currently exists.

    Claim 3: ETFS with low liquidity will be hard to sell if markets fall

    Peter Switzer recently spoke about a client who had received advice that an ETF with low liquidity would be difficult to sell if markets fall. The argument being that without a liquid market the seller would be unable to find a buyer on the other side of the trade and would need to sell at a significant discount.

    What do we think?

    One of the somewhat unknown components of ETFs is the role of the market maker. Essentially the market maker’s role is to provide liquidity to an ETF, so that if there is not an existing ETF unit on the other side of an ETF trade, the market maker must create an ETF unit for a buyer, or absorb an ETF unit for a seller. It is then the ETF issuer's role to buy or sell the underlying assets that the ETF holds. This means that regardless of an ETF’s liquidity, a market maker will always exist to buy an ETF off an investor even if the markets in free fall.

    However, there is a caveat to the above. Market makers make a profit by charging a spread between the buy price and the sell price of an ETF. The spread becomes the market maker’s profit margin. In a free falling market it may be difficult for the market maker to price the underlying investments forcing them to create a huge spread between the buy and sell price to protect their margins. This was seen in the 2015 Dow Jones ‘Flash Crash’, where some ETFs dropped 30% when the market makers were unable to price the underlying securities.

    PELLICO 1/2 Shoes 734836 Brown 36 734836 1 Brown/2 9341903 -

    Finally, an ETF is only ever as liquid as its underlying holdings. ETFs which invest in illiquid investments may have great liquidity, but if the underlying investments do not, this will likely be reflected in falls in both the underlying holdings and the ETF during market falls. This may be more likely to play out at the small cap end of the sharemarket and within unlisted asset classes.

    Claim 4: ‘Exotic’ ETFs are higher risk

    In a recent RBA publication, economist Michelle Cunningham discussed the risks faced with some of the more exotic ETFs, those that are classed as ‘synthetic’ ETFs, meaning the ETF issuer does not hold the underlying investments, rather they rely on a counterparty to pay the return. These ETFs are generally referred to as ‘Synthetic’ or ‘Hedge fund’ in their title. Cunningham raised the risk that the counterparty may default on their obligation, so an additional level of risk exists for the investor.

    What do we think?

    We agree with Cunningham’s analysis, an additional level of risk certainly exists with these ETF structures, however in many cases this is the only way to access to investment strategy that the ETF provides. Nevertheless, investors should be aware of the additional risks that exist.


    There’s plenty of arguments in both camps about ETFs role in future market crashes. There’s no doubt the world has moved into uncharted territory with the rise of passive investing & ETFs in particular. We do believe, however, that some of the risks are overblow. Nevertheless, investors should be aware of these risks in order to make informed investing decisions. What do you think?


    Previous Article

    2017 Financial Year ETF and LIC Performance Table

    Next Article

    New Fixed Interest ETFs expand options for investors

    Leave a Reply
    Find a Fund
    PELLICO 1/2 Shoes 734836 Brown 36 734836 1 Brown/2 9341903